Paying off mortgage vs Saving

Yorkie1

OP, you've posted this question in 3 different places. You've got the most answers in the mortgages board, so I suggest everyone else confines their responses there too, to keep everything in the one place.

https://forums.moneysavingexpert.com/discussion/4731874=

davidqu

Yorkie1 wrote: »

OP, you've posted this question in 3 different places. You've got the most answers in the mortgages board, so I suggest everyone else confines their responses there too, to keep everything in the one place.

https://forums.moneysavingexpert.com/discussion/4731874=

I thought it was also relevant posting here as this was the original thread I started about paying of my mortgage

Yorkie1

I see what your thought process was, but the question has changed and is about the T&Cs of mortgage products.

atush

davidqu wrote: »

I thought it was also relevant posting here as this was the original thread I started about paying of my mortgage

Stand your ground david. I have no intention on posting on a forum I don't go to regularly.

Telling me to go elsewhere is a non starter.

Bufger

Personally i'd wait until your current mortgage deal ends in october or whenever it was and then pay the mortgage off. You wont get a penalty if you pay it off after your current deal ends.

Savings can be rebuilt. The feeling of not having a mortgage can lift a big weight

planteria

jamesd wrote: »

Enjoy the security and sense of freedom that will give you!

There's no one perfect answer in this case and your choice is fine.

totally agree james. well done david.

planteria

re. the terms, you need to get your answers from your mortgage provider. pay off your mortgage the cheapest way possible, even if it means waiting.

davidqu

planteria wrote: »

re. the terms, you need to get your answers from your mortgage provider. pay off your mortgage the cheapest way possible, even if it means waiting.

Good news, I called the mortgage centre today and got them to cancel the deal commencing 1st sept, said I can pay off mortgage on 1/9/13 without any early repayment fee, happy days !!

2010

A mortgage is a DEBT.
People should pay it off asap.

You borrow £X to buy a property and pay triple back over 25 years.

Bufger

2010 wrote: »

A mortgage is a DEBT.
People should pay it off asap.

You borrow £X to buy a property and pay triple back over 25 years.

If the interest on your debt is lower than the interest you can make on the same sum in a savings account then you're better off not paying the debt until circumstances change (unless you just want the peace of mind).